Bulgaria May Shift from Flat to Progressive Taxes Within a Decade, IMF and Experts Say
The International Monetary Fund has indicated that Bulgaria’s flat tax system may not be sufficient to sustain growing demand for quality public services
Bulgaria Notary Taxes to Be Increased
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The Council of Ministers motivates the increase with the fact that prices have not been changed for ten years.
The Bulgarian Council of Ministers is to pass Thursday a bill to increase taxes for notary services.
The most significant change is in the prices for certifying financial interest in real estate contracts.
For deals from BGN 1 001 to BGN 10 000 the tax will be BGN 43,50 + 1,5% of the surplus over BGN 1 000. Contracts from BGN 10 000 to BGN 50 000 will cost BGN 178,50 + 1% of the surplus over BGN 10 000.
Currently, the price for deals over BGN 100 000 is BGN 418 + 0,1 of the surplus over BGN 3 000. The new bill foresees a ceiling of BGN 500 000. Thus for such expensive properties the tax will be 1628,50 + 0,1% of the surplus over BGN 500 000, but it should not exceed BGN 7 000.
The Council of Ministers explains the increase by the fact that prices have not been changed for ten years. As another reason, the Council gives the newly integrated electronic system, which will help avoiding dual selling of properties. A register of issued warrants and testaments has been created, too.
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